Month: August 2013

The glide path to an attack on Syria has hit a snag. Questions have arisen as to whether Assad directly ordered the chemical weapons attack that killed upwards of one thousand people. The UK parliament appears to be withholding support for Prime Minister Cameron plan to support the US in a military strike, and Speaker Boehner, along with some Democrat members of congress, are also asking for clarification, while demanding that President Obama seek their approval.… Read more

Well, we have a bit of a conundrum on our hands. Oil prices spiked above $112 per barrel, briefly, last night, thanks mostly to technical pressures the forced buying above the $109 level. We have been advertising an upside target of $112-$115.… Read more

Oil prices are spiking higher this morning, on the realization that, yet, another episode of US military action in the Middle East is nearing. Secretary of State made it clear that retaliation for the use of chemical weapons by the Syrian government is almost certain and necessary.… Read more

WTI oil prices surged above 107, in overnight trading, appearing to react, albeit briefly, to the war drums beating over the weekend about the chemical weapons attack in Syria (no equivocating in this space). There is a gathering mandate for the US to launch a military strike of some kind outside the construct of the UN.… Read more

Oil prices are mixed, once again, this morning. The Brent-WTI spread has been the featured trade over the past several sessions, as market participants have favored one over the other each day. Today, Brent is being favored. According to the API, US oil and refined product demand rose in July to the highest level for the month in 3 years.… Read more

Oil prices fell, yesterday, despite an increase in Middle East tensions. Reports out of Syria seemed to show a chemical weapons attack that killed hundreds of people, indiscriminately. Of course, the nature of the battle leaves it unclear as to who is responsible and the true nature of the attack.… Read more

WTI experienced some good old fashioned expiration-day volatility, yesterday. It reminded us of the old days, when the NYMEX pit would churn and prices would lurch indiscriminately on the last day of a contract’s life, in thin volume with stories of those “being caught” abounding.… Read more

Despite the move by Libya to officially declare a force majeure on oil exports, yesterday, oil price fell and are down further, in overnight trading. There has been some incremental improvement with announced reopening of the 51,000 bpd Marsa Al Brega port.… Read more

Crude oil prices are marginally lower, this morning, but they are maintaining a fairly elevated level. Prices continue to be supported by the tumult in the Middle East, specifically Egypt and Libya. The violence in Egypt is just not letting up.… Read more

Crude oil prices ignored the sell-off in Treasury securities and stocks, buoyed by the deep concerns over the situation in Egypt. The death toll is startling, and more carnage is being readied for today, as thousands of Morsi supporters are marching through Cairo, at this writing.… Read more